Company suspected of running 'black' business
By Lu Feiran |
August 2, 2011, Tuesday
|
Print Edition
Print Edition
LOCAL industrial and commercial authorities are investigating BizArk, a Jiangsu Province-based foreign-trade e-commerce company, on suspicion of developing a "black" business in Shanghai.
Headquartered in Changzhou, the company started its Shanghai branch in June of last year. IDG Capital Partners, a China-focused venture capital firm, invested US$40 million in the company last August. But the firm doesn't hold a business license issued by Shanghai authorities.
"We have collected some initial evidence," said Yu Juan, an official with the Zhabei District branch of the Shanghai Industrial and Commercial Administrative Bureau.
Bureau officials said that although the company's headquarters is not in Shanghai, it is still obliged to register at the bureau if opening branch offices in the city.
In a statement, BizArk blamed a disgruntled former employee for reporting it after she was fired.
It also said its Shanghai office is only for "company internal liaison," and therefore doesn't need to apply for a business license.
It added that it nevertheless will cooperate with the bureau's investigation.
Headquartered in Changzhou, the company started its Shanghai branch in June of last year. IDG Capital Partners, a China-focused venture capital firm, invested US$40 million in the company last August. But the firm doesn't hold a business license issued by Shanghai authorities.
"We have collected some initial evidence," said Yu Juan, an official with the Zhabei District branch of the Shanghai Industrial and Commercial Administrative Bureau.
Bureau officials said that although the company's headquarters is not in Shanghai, it is still obliged to register at the bureau if opening branch offices in the city.
In a statement, BizArk blamed a disgruntled former employee for reporting it after she was fired.
It also said its Shanghai office is only for "company internal liaison," and therefore doesn't need to apply for a business license.
It added that it nevertheless will cooperate with the bureau's investigation.
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